Section 21: Repeal, Savings, etc.

(1) The Federal Mortgage Bank Act (in this section referred to as "the repealed enactment") is hereby repealed and the Board established thereunder is hereby dissolved.
[Cap. 138. L.F.N. 1990.]
(2) All assets, funds, resources and other movable or immovable properties, other than those specified in subsection (3) of this section, which immediately before the commencement of this Act were vested in the mortgage bank established under the repealed enactment shall by virtue of this Act and without any further assurance, be vested in the Mortgage Bank established under this Act.
(3) All the mortgage business hitherto carried on by the mortgage bank established under the repealed enactment and all the assets, funds, resources and other movable or immovable properties related thereto shall, by virtue of this Act and without further assurance, be vested in the Federal Mortgage Finance Limited (in this Act referred to as "the Company").
(4) As from the commencement of this Act-
(a) the rights, interests, obligations and liabilities of the mortgage bank established under the repealed enactment, under any contract or instrument or at law or in equity are hereby assigned to and vested in the Mortgage Bank established under this Act or in the Company, as the case may be, without any further assurance; and
(b) a contract or instrument as is mentioned in paragraph (a) of this subsection shall be of the same force and effect against or in favour of the Mortgage Bank established under this Act or the Company, as the case may be, and shall be enforceable as fully and effectively as if instead of the Mortgage Bank established under the repealed establishment, the Mortgage Bank established under this Act or the Company, as the case may be, has been named therein or had been a party thereto.
(5) A proceeding or cause of action pending or existing immediately before the commencement of this Act by or against the mortgage bank established under the repealed enactment in respect of any right, interest, obligation or liability of that mortgage bank may be continued or commenced, as the case may be, by or against the Mortgage Bank under this Act or the Company, as the case may be.
(6) A determination of a court of law, tribunal or other authority or person made in a proceeding or cause of action referred to in subsection (5) of this section may be enforced by or against the Mortgage Bank established under this Act or the Company, as the case may be, to the same extent that the proceeding, cause of action or determination could have been continued, commenced or enforced by or against the mortgage bank established under the repealed enactment aforesaid if this Act had not been made.
(7) Notwithstanding the repeal of the enactment referred to in this section, if the Board thinks it expedient that any vacancy in the Mortgage Bank or Company should be filled by a person holding office at the commencement of this Act in the Mortgage Bank, it may employ that person by way of transfer to the Bank and the previous service in the Mortgage Bank by the person shall count as service for the purposes of any pension subsequently payable by the Bank.